A.P. Bhangale, J.

1. Rule. The learned counsel appearing on behalf of respondent No.1 waives notice. By consent, the rule is made returnable forthwith. Heard learned counsel for the petitioners and respondent No.1.

2. By this writ petition under Article 226 of the Constitution of India, the petitioners are praying for issuance of a writ of mandamus in the nature of an order or direction, ordering and/or declaring that the arbitral proceedings between the petitioners and respondent No.1 stands terminated and the Arbitral Tribunal consisting of Mr. Jagdish C. Sheth, Captain V.K. Gupta and Mr. G.J. Kodwaney has ceased to have jurisdiction over the disputes with further prayer to quash and set aside the order dated 24-12-2009, as also the Minutes of the Meeting dated 19-12-2009 and the e-mail dated 18-12-2009, addressed by respondent No.2 to the petitioners.

3. Briefly stated, the facts of the case are thus:

Petitioner No.1 is a Public Sector Undertaking, owned by the Government of India and is engaged in the business of chemicals and fertilizers, having its registered office at Chembur, Mumbai-400 074. Petitioner No.2 is the Company Secretary of petitioner No.1. Respondent